Armenian Economy Minister Gevorg Papoyan, during his working visit to the Russian Federation for the international industrial exhibition "Innoprom," held a meeting with Russian Minister of Industry and Trade Anton Alikhanov.
According to the press service of the Armenian Ministry of Economy, Deputy Minister of Economy Narek Teryan and Russian Deputy Minister of Industry and Trade Alexey Gruzdev also attended the meeting.
Minister Papoyan congratulated Alikhanov on his appointment and wished him success in his new role. "Today, we have a real opportunity to discuss our relations, cooperation, and development prospects in the economy and industry. Russia is one of Armenia's main trading partners, providing a significant share of goods imports and exports. We see that digitalization, innovative technologies, and sustainable production are becoming the foundation of future industrial development. We must encourage investment in science and technology, creating a favorable environment for the development of startups and small businesses to ensure stable growth of our economies," said the minister.
The parties discussed opportunities for expanding exports and imports, issues related to trade turnover, joint implementation of industrial projects, and the development of the pharmaceutical sector. They also touched upon the activities of "Rusal Armenal" CJSC and the "Alliance" free economic zone, and plans for further cooperation.
Minister Papoyan also presented the Armenian government's initiative "Crossroad of Peace," aimed at supporting political stability and economic development in the region.
Earlier BMG reported that Russia remains the leader in trade volumes with Armenia. From January to May this year, trade turnover with Russia grew 2.8 times, amounting to $7.5 billion. However, exports to Russia fell by 21.5%, from last year's $1.4 billion to $1.1 billion for the first four months of this year, while imports from Russia increased fivefold, exceeding $6.4 billion.
During the reporting period, Russia's share in the structure of foreign trade turnover also increased from last year's 36.1% to 45.9%.
